Tips + Tricks With Clay Advisors: 3 Fun Ways To Teach Children About Money

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It is never too early to teach children about money management. Handling their finances well is an important skill they will carry towards adulthood. Their attitude towards money ~ whether in saving, earning, or spending, once they grow up and attain purchasing power will rely greatly on how they were taught about money when they were small children. Here are a few tips and tricks on how to teach the small ones about money and the value of spending it wisely and saving up.

Give Them A Piggy Bank

Smaller children may not yet grasp the concept of keeping a piggy bank, but it is ideal to teach them to save coins and bank notes as early as possible. Make it fun by getting them a cute piggy bank they cannot resist. Instruct smaller kids to put whatever money they get from families and relatives during holidays and birthdays into the piggy bank while the school-aged kids can set aside a portion of their school money to be put in the piggy bank daily.

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Earn More For Your Child’s Future With These Popular Second Income Ideas

Every parent wants a bright future full of financial security for their kids. If you have a full time-time job, the income alone may not be sufficient to spend and save at the same time. With the hard economic times hitting us, we need second income ideas to help us save more for our kids. Parents need these ideas to help boost their income as raising a family and ensuring they have a financially secured future is hard work. From selling on eBay to trading online, there are many second income ideas that you can use to raise your savings to an impressive level. Here are some of the ideas that you can employ to increase your income.

tips and tricks, money hacks, grown up stuff, parenting

Make money from renting your driveway and garage

Most people don’t know that they can use their driveway to make some good amount of money by renting it out especially if they don’t use it. For people living in the major cities like London and Manchester where parking is a problem, they can rent it out on a daily basis and turn it into a money making machine. If you own a garage but no car, earn money from renting it and save for your child’s future. You can also rent out your garage or driveway for other things like bands to use for their rehearsal. Renting out your garage or driveway can earn you up to 20, 000 euros per year. Isn’t the amount enough to spend and save for the future? Make use of your garage or driveway and make money.

Earn extra income from trading online

Arguably one of a good way to earn extra income, online trading provides you with a chance to buy shares and sell them later making profit. Traders can also predict the prices of commodities making profit if their predictions are correct. Websites such as CMC Markets provides an excellent platform for people to trade online and make some good amount which you can then save for child’s future. The good thing about online trading is that you can do it from the comfort of your house using your phone or laptop. All you need is to look for the best stocks or shares, trade and earn a good extra income.

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How Much Does it Cost to Raise a Child in Britain?

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It is entirely possible that the birth rate in Britain would fall dramatically if more prospective parents were fully aware of the real costs of raising a child. There has been much research on this subject recently with the various organisations involved arriving at different figures but, in truth, the results have not shown a great deal of variation. Every piece of research has revealed the same basic answer to the big question and that is that raising a child is very costly and more expensive in real terms than ever before.

Basic Costs

A recent survey by revealed the cost of raising a child from birth to 18 years of age to be £51,000 but this figure only included food, clothes, toys, games, gifts, books and hobbies etc. and not the costs of childcare and other factors which can elevate the overall expenditure dramatically.

Real Costs

Research by the Child Poverty Action Group published in July 2013 suggests that the true cost is a whopping £143,000 and this figure is in keeping with the results from similar research by several other bodies. This more comprehensive research factored in less obvious expenditure like larger housing, additional furniture and higher heating and transport costs together with the enormous price of childcare which is an essential for many families. The costs have risen dramatically in real terms in recent years and have not been helped by youngsters’ increasing demands for electronics and participation in costly hobbies.

Further Education

It is worthy of note that these statistics relate only to the years from birth to the age of 18 because things don’t usually stop there for parents. With a high proportion of young people now entering further education the expenditure can get even worse after the age of 18. Even those youngsters who do not go to university present an on-going cost as few can afford to move out of the family home immediately and many struggle to find work.

Early Years

When a child is born families are presented with the difficult situation of rising costs and falling income as the birth of a child will always result in at least some time off work. Things will seem very tough from the outset as a new baby results in a great deal of expenditure in a short space of time with the purchase of all the necessary furniture and equipment. Recent research by AXA has suggested that families need to accumulate a buffer of £5464 before having a baby in order to cope with the costs and drop in income but, if that seems like a lot of money, parents should consider that it only gets worse! As they struggle to buy the cot, feeding equipment and car seat for their child they should be mindful that the early years are actually the cheapest. As the child grows it will eat more, require school uniform and want to pursue hobbies and so the costs will start to mount up. They will then start pestering for a iPhone and Xbox!

The truth is that the real cost of raising a child if they do proceed to University is north of £220,000 and rising. It is also entirely possible that a child will leave university and still require some level of support whilst they are looking for employment. Scary isn’t it?

Jared Quips

I guess this goes true in every country, if parents will think more about the actual cost that child-raising entails, they will think twice about having multiple children. Sure it is one enjoyable and fulfilling experience to raise a number of kids, but wouldn’t it make you sad and miserable realizing you cannot provide for your children’s needs and wants just because you decided to have one child too many?

Sally Stacey is a keen writer who divides her time between blogging and running her retail business.

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